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Double joy for Lauritzen

J Lauritzen has firmed up two handysize newbuidings in Japan at prices below today’s level, a top executive says.

The Danish owner this week signed an order for two 34,000-dwt bulkers at Namura Shipbuilding which have been under negotiation for several months.

Peter Borup, president of Lauritzen Bulkers, says the ships have been contracted at “quite a few million” below the present quoted level for such tonnage.

“We are very happy to have managed to do business at a level when prices were good,” he said, noting the same ships today are being marketed at $25m to $26m at Japanese yards.

Lauritzen put pen to paper on the contract this week, with the ships set to be rolled out by Namura’s Hakodate yard in 2017.

Borup explains the latest additions to Lauritzen’s eco orderbook will offer savings of around $1,500 daily compared to a slightly smaller 32,000-dwt handysize from Japan.

Lauritzen has been resurgent in the dry cargo market after breaking a four-year order drought earlier in the year with a move for four supramax vessels split between Dalian COSCO KHI Ship Engineering (DACKS) and Imabari Shipbuilding.

The Danish owner now has six wholly-owned and two part-owned vessels in its newbuilding catalogue. A further 16 newbuildings have been secured on long-term charters.

However, with bulker newbuildings now priced higher than Borup would like relative to the delivery times available, Lauritzen may pause before signing more deals.

“Prices right now are at a level where we can wait,” he said. “I don’t feel prices are about to run away from us right now.”

Lauritzen Bulkers is strategically focused on the handysize and supramax sub-segments of the dry cargo market.

TradeWinds reported a few weeks ago that it was thinking of selling two capesize bulkers that were cut loose by STX Pan Ocean — now just Pan Ocean — following its bankruptcy last year.

The Danish owner initially looked at offloading the pair after their contracts were shredded in 2013 but opted instead to send them on period contracts that are now nearing an end.

Borup again stressed this week that the company does not intend to be an active player in the capesize market despite widespread expectations of improving rates.

However, he says there are no fresh developments regarding the sale of the two ships.

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Double joy for Lauritzen

J Lauritzen has firmed up two handysize newbuidings in Japan at prices below today’s level, a top executive says.

The Danish owner this week signed an order for two 34,000-dwt bulkers at Namura Shipbuilding which have been under negotiation for several months.

Peter Borup, president of Lauritzen Bulkers, says the ships have been contracted at “quite a few million” below the present quoted level for such tonnage.

“We are very happy to have managed to do business at a level when prices were good,” he said, noting the same ships today are being marketed at $25m to $26m at Japanese yards.

Lauritzen put pen to paper on the contract this week, with the ships set to be rolled out by Namura’s Hakodate yard in 2017.

Borup explains the latest additions to Lauritzen’s eco orderbook will offer savings of around $1,500 daily compared to a slightly smaller 32,000-dwt handysize from Japan.

Lauritzen has been resurgent in the dry cargo market after breaking a four-year order drought earlier in the year with a move for four supramax vessels split between Dalian COSCO KHI Ship Engineering (DACKS) and Imabari Shipbuilding.

The Danish owner now has six wholly-owned and two part-owned vessels in its newbuilding catalogue. A further 16 newbuildings have been secured on long-term charters.

However, with bulker newbuildings now priced higher than Borup would like relative to the delivery times available, Lauritzen may pause before signing more deals.

“Prices right now are at a level where we can wait,” he said. “I don’t feel prices are about to run away from us right now.”

Lauritzen Bulkers is strategically focused on the handysize and supramax sub-segments of the dry cargo market.

TradeWinds reported a few weeks ago that it was thinking of selling two capesize bulkers that were cut loose by STX Pan Ocean — now just Pan Ocean — following its bankruptcy last year.

The Danish owner initially looked at offloading the pair after their contracts were shredded in 2013 but opted instead to send them on period contracts that are now nearing an end.

Borup again stressed this week that the company does not intend to be an active player in the capesize market despite widespread expectations of improving rates.

However, he says there are no fresh developments regarding the sale of the two ships.